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Armenian dram
|banknotes-image= |coins-image= |coins-image-width=1em |ISO= AMD |users= Armenia Nagorno-Karabakh Republic |years= 1993–present |inflation= 6.2% (2013)[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] |subunit= 1/100 luma (լումա) |symbol= |coins= 10, 20, 50, 100, 200, 500 dram |banknotes= 1000, 5000, 10,000, 20,000, 50,000, 100,000 dram |central bank= Central Bank of Armenia }} The Armenian dram ( : Հայկական Դրամ; sign: ; code: AMD) is the currency of Armenia and the Nagorno-Karabakh Republic. It is subdivided into 100 luma (լումա). The word, "dram" literally translates into as "money", and is a cognate with the Greek drachma. The Central Bank of Armenia has the exclusive right to issue the dram, under article 2 of the law on the Central Bank of the Republic of Armenia. The dram was first introduced in 1993. History The first instance of a dram currency used in Armenia was during the reign of the Armenian Kingdom of Cilicia from 1199 to 1375, when silver coins called dram were issued. On September 21, 1991, a referendum declared Armenia independent from the Soviet Union. The Central Bank of Armenia was established on March 27, 1993, under governorship of Isahak Isahakyan. However, old Soviet notes remained legal tender until November 22, 1993, when the dram was introduced, replacing the Soviet ruble at a rate of 200 rubles = 1 dram. Coins In 1994, the Central Bank of Armenia introduced aluminum coins in denominations of 10, 20, and 50 luma, 1, 3, 5, and 10 dram. In 2003 and 2004, a new coinage was introduced, consisting of aluminum 10, copper-plated steel 20, brass-plated steel 50, nickel-plated steel 100, brass 200, and bimetallic (brass outer ring and cupronickel center) 500 dram coins. Armenia minted its first commemorative coins in 1994, and has produced such coins annually since with compositions of cupronickel, gold, and silver. These coins have been denominated in 5, 10, 25, 100, 200, 500, 1000, 1957, 2000, 5000, 10,000, 25,000, 50,000, and 100,000 dram. In 2011, Armenia introduced the Noah's Ark bullion coins. Banknotes In 1993, banknotes with denominations of 10, 25, 50, 100, 200, and 500 dram were introduced. On October 24, 1994, the 1000 dram note was introduced, and the 5000 dram banknote followed in September 1995. In 1998, the second series of Armenian notes was introduced, with denominations of 50 and 100 dram. A year later, new 500, 1000, and 5000 dram notes were issued, and the 20,000 dram note was introduced. In 2001, a commemorative 50,000 dram note was issued to observe the 1700th anniversary of the adoption of in Armenia. In 2003, the 10,000 dram note was introduced, followed by the 100,000 dram note in 2009. Since April 1, 2004, the 10, 25, 50, and 100 dram notes are no longer legal tender, though they can still be exchanged at banks. The 1993 500 dram note has also been demonetized since September 1, 2005, though the 1999 note is still in circulation. Exchange rates See also *Armenian ruble *Dram (coin) References * Category:Currencies of Armenia Category:Currencies of the Nagorno-Karabakh Republic Category:Circulating currencies Category:Currencies with an ISO 4217 code